TEXT: Pak-Qatar Takaful Group (PQTG) – The First and Largest Dedicated Takaful enterprise in Pakistan's Islamic Finance industry, comprises of Shari'ah compliant ventures like; Pak-Qatar Family Takaful Limited (PQFTL), Pak-Qatar General Takaful Limited (PQGTL), Pak-Qatar Investment (Private) Limited (PQIL). These ventures are driven by modern technology and a service-culture, to achieve the fastest growth and high-credibility, by providing innovative Takaful solutions.
Alhamdulillah! Our resolute efforts over the past decade as the pioneer and flag-bearer of Takaful have undoubtedly been rewarded by Allah (SWT) and by the people of Pakistan with the continuous strong & unwavering support from the shareholders representing the State of Qatar.
The Group of Companies are registered with the 'Securities & Exchange Commission of Pakistan' (SECP). PQFTL and PQGTL commenced Takaful operations in the year 2008. The Group has the historic privilege and honor of launching Pak-Qatar Family Takaful Limited as Pakistan's first and largest Family Takaful Company.
Pak-Qatar Takaful Group, with a vision of "Providing financial protection through Takaful to everyone", is not only Pakistan's pioneer and the largest Takaful group but is also the third largest private- sector corporate conglomerate in the entire insurance industry of Pakistan. The Group is proudly managing the assets book valued over PKR 31.5 Billion.
Pak-Qatar Takaful Group annually contributes over PKR 8.5 Billion to Pakistan's GDP. Further, the Group has settled and paid claims to Takaful Participants in excess of PKR 28 Billion since inception. PQFTL is the world's first and only Family Takaful operator that has consistently declared and distributed surplus of approximately PKR 520 Million since inception.
Takaful serves as Shari'ah compliant alternative to insurance and thereby all Pak-Qatar Takaful product are duly certified with Fatwas (Islamic Pronouncement) issued by an independent Shari'ah Advisory Board which comprises of world renowned Shari'ah Scholars panel and chaired by Mufti Muhammad Hassaan Kaleem. Mufti Taqi Usmani was the founding chairman of PQTG Shari’ah Advisory Board since inception and had named Mufti Hassaan Kaleem as his successor in 2019. PQTG is the first one to establish a dedicated in-house Shari'ah department with a team of Shari'ah scholars and experts providing round the clock support in all spheres related to Shari'ah learning, research, and compliance.
The Group's shareholders include some of the strongest financial institutions in the State of Qatar, including; Qatar Islamic Insurance Company (QIIC) and Qatar International Islamic Bank (QIIB). Further, our shareholders also include FWU AG (Germany), a leading technology company based in Munich, Germany.
Pak-Qatar Takaful Group's paid-up capital is in excess of PKR 1.80 Billion which entirely represent Foreign Direct Investment (FDI) in Pakistan, mostly from Qatar-based members of the Group's board of directors and shareholders.
The Group is chaired by His Excellency, Sheikh Ali bin Abdullah Thani J.AI-Thani (member of Qatar's Royal family). Other prominent members of the Board of Directors and shareholders from Qatar in the Group include; Abdul Basit Ahmed Al-Shaibei (CEO, Qatar International Islamic Bank), Ali Ibrahim Al Abdul Ghani (CEO, Qatar Islamic Insurance Company), Said Gul and Zahid Hussain Awan, Owais Ansari, to name a few.
The Group's Insurer Financial Rating (IFS) remains robust, whereby PQFTL is rated "A+" (with Stable Outlook) by VIS Credit Rating Co. Ltd. and Pakistan Credit Rating Agency (PACRA) while PQGTL is rated "A" (Single A) with Stable Outlook by PACRA.
PQTG has the largest Takaful branch networks in Pakistan boasting of over 160 branches in more than 100+ cities nationwide. In addition to our physical presence of branch locations across Pakistan, we also deliver 24/7 Alternate Distribution Channels (ADCs) accessibility through all digital-media, Online Payments and E-Commerce web-portals, pioneering mobile-Applications and other smart electronic touch-points.
Pak-Qatar Family Takaful (PQFTL) is currently providing need-based financial protection to more than 1000 corporate clients and over 560,000 Individual Takaful members for Individual Family, BancaTakaful, Group Family and Group Health business segments. Pak-Qatar Family has around 250+ prominent hospitals on panel across Pakistan to provide best healthcare to Takaful members.
PQFTL is strengthened by Re-Takaful arrangements with Munich-Re, Hannover-Re and Hannover-Retakaful. PQGTL is backed by Kuwait Re-Takaful, Tunis Re-Takaful, Kenya Re-Takaful, Saudi Re-Takaful, and Arab Re-Takaful.
PQFTL enjoys a strategic Banca-Takaful alliance with FWU AG (Germany), a leading technology company based in Munich, Germany for distribution and instant issuance of Takaful policies at about 2,675 bank branches across Pakistan in more than 100 Cities. PQFTL enjoys strong relationships with 12 commercial banks and 3 Microfinance banks.
Pak-Qatar General Takaful (PQGTL) is offering coverage to approximately 750 corporate members comprising of Textile, Pharma, Hospital, Variou Industrial risk, Banks and Modarbas and over 18,000 individual Takaful members. PQGTL major segments include: Fire and Allied Perils, Marine (Inland, Import and Export), Engineering, Motor, Cash in Safe, Cash in Transit, Financial Lines & Travel.
The main asset of company is the human talent. Pak-Qatar Takaful Group takes pride in having the best industry practitioners in the world working with dedication for the company. The Group is also considered among the best employers of Pakistan with a workforce of over 3,500+ people spread all over Pakistan. The highly competitive compensation & benefits combined with the opportunity for extensive training & development on continuous basis from fresh graduates to highly trained professionals are commensurate with performance excellence.
Pak-Qatar Takaful Group has won many international awards including ‘Best Takaful Company’ Award from FPCCI in 2020, `Best Takaful Company' by Global Islamic Finance Awards in London 20I9,`Brand of the Year' at the FPCCI Awards in Karachi 2018, `Best Takaful Operator' by IFN Awards in 2017,`Best Takaful Operator in Pakistan' award at the 10th International Takaful Summit London 2016 and 'Best Takaful Company in Pakistan' for the year 2015 at 'RTC Islamic Banking & Finance Awards' ceremony in Islamabad and many more.
Copyright Business Recorder, 2021
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